Salesforce (NYSE:CRM - Get Free Report) was upgraded by equities research analysts at KeyCorp from a "sector weight" rating to an "overweight" rating in a research note issued on Friday,Finviz reports. The brokerage currently has a $440.00 price objective on the CRM provider's stock. KeyCorp's price target points to a potential upside of 22.84% from the stock's previous close.
Several other equities analysts have also recently commented on the stock. The Goldman Sachs Group boosted their price target on shares of Salesforce from $360.00 to $400.00 and gave the company a "buy" rating in a report on Wednesday, December 4th. BNP Paribas upgraded Salesforce to a "strong-buy" rating in a research note on Thursday, August 29th. BMO Capital Markets raised their price target on Salesforce from $385.00 to $425.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. Piper Sandler lifted their price target on Salesforce from $325.00 to $395.00 and gave the company an "overweight" rating in a report on Monday, December 2nd. Finally, JMP Securities restated a "market outperform" rating and issued a $450.00 price objective on shares of Salesforce in a report on Tuesday, December 3rd. Eight analysts have rated the stock with a hold rating, thirty have assigned a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $377.24.
Get Our Latest Analysis on CRM
NYSE:CRM opened at $358.19 on Friday. The business's fifty day moving average price is $316.14 and its 200 day moving average price is $275.00. The firm has a market capitalization of $342.79 billion, a price-to-earnings ratio of 58.91, a PEG ratio of 3.21 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce has a 1-year low of $212.00 and a 1-year high of $369.00.
Salesforce (NYSE:CRM - Get Free Report) last posted its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.44 by ($0.03). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The company had revenue of $9.44 billion during the quarter, compared to analysts' expectations of $9.35 billion. During the same period last year, the company earned $1.62 earnings per share. Salesforce's revenue for the quarter was up 8.3% compared to the same quarter last year. On average, sell-side analysts forecast that Salesforce will post 7.48 earnings per share for the current fiscal year.
In related news, CAO Sundeep G. Reddy sold 413 shares of the business's stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the sale, the chief accounting officer now owns 7,006 shares of the company's stock, valued at $1,998,741.74. The trade was a 5.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Parker Harris sold 4,200 shares of the company's stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $257.04, for a total value of $1,079,568.00. Following the completion of the sale, the insider now owns 117,581 shares in the company, valued at $30,223,020.24. This trade represents a 3.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 138,498 shares of company stock worth $40,983,349. 3.20% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Veritas Asset Management LLP acquired a new position in shares of Salesforce in the 3rd quarter worth approximately $733,805,000. Massachusetts Financial Services Co. MA boosted its stake in Salesforce by 48.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider's stock worth $1,518,658,000 after purchasing an additional 1,922,674 shares in the last quarter. KBC Group NV grew its holdings in shares of Salesforce by 171.2% during the third quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider's stock worth $447,470,000 after purchasing an additional 1,032,068 shares during the last quarter. International Assets Investment Management LLC increased its stake in shares of Salesforce by 23,664.2% in the third quarter. International Assets Investment Management LLC now owns 1,002,848 shares of the CRM provider's stock valued at $274,490,000 after buying an additional 998,628 shares in the last quarter. Finally, Farallon Capital Management LLC lifted its position in Salesforce by 51.0% during the 2nd quarter. Farallon Capital Management LLC now owns 2,946,838 shares of the CRM provider's stock worth $757,632,000 after buying an additional 994,670 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.
Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.
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